Risk Management Investments to Rise in 2010 - OpenPages Survey Reveals
- 89% of companies surveyed expect 2010 GRC spending to stay the same or increase –
LONDON, September 22, 2009 –
• OpenPages, a leading provider of integrated risk management solutions for global companies, today announced survey results that highlight current realities and future concerns regarding risk management and other GRC activities for 2009.
• The survey, which polled over 50 strategic risk, governance and finance professionals from companies such as Barclays, Lloyds and Swiss Re, was conducted at OPEN 2009 - the Annual OpenPages European User Symposium in London.
• The survey results revealed that organisations expect investment in risk management initiatives will increase in 2010 as businesses try to focus on what is important to avoid unexpected outcomes whilst improving business performance. Companies will be looking to integrate disparate risk management activities into a common set of processes supported by a single technology platform to reduce costs and improve efficiency.
@OpenPages survey reveals 89% of co’s surveyed expect 2010 GRC spending to rise http://bit.ly/rTq5P
Key survey results:
• While industry experts predict that overall IT spending may be flat or down next year, over 89% reported that investments in GRC technology will increase or at least remain the same in 2010.
• 82% of those polled expect new laws and regulations to be introduced next year in an effort “to improve corporate risk management oversight”.
• 62% said that the current financial crisis has increased the priority of enterprise-wide risk management, and nearly 62% said that the crisis is making them re-think their approach to risk management at board level.
• 53% of respondents have a siloed approach to their IT Risk and Compliance Management activities in relation to their GRC program, yet 93% stated that within 2-3 years they are likely to converge or coordinate this with GRC.
Supporting Quote from David Gray, vice president - EMEA, OpenPages
• "The results of this year’s survey highlights how the current financial crisis and increased regulatory oversight are changing the way organisations approach governance, risk and compliance. Companies are more focused on coordinating disparate risk management efforts to improve their visibility into the risks inherent within their business. Despite the economic slowdown, companies are willing to invest in technology to improve risk management capabilities. Furthermore, as companies continue to be asked to do more with less, our customers have made it clear that convergence of GRC activities delivers significant improvements in efficiency, without compromising performance".
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• Link to full survey results on Flickr
• Link to Customer Testimonials at OPEN